Korea Signs Free-Trade Deal with Israel
22 August, 2019
Korea on Wednesday signed a free trade agreement with Israel.
According to the Ministry of Trade, Industry and Energy, Korea's chief trade negotiator Yoo Myung-hee met with her Israeli counterpart Eli Cohen and concluded the deal in Jerusalem.
The agreement, which took three years to negotiate, will remove tariffs on over 97 percent of Korea's exports to Israel and over 99 percent of Israel's exports to Korea. Tariffs on some agricultural products such as rice and garlic will remain in place.
Korea's chief trade negotiator Yoo Myung-hee (left) shakes hands with her Israeli counterpart Eli Cohen in Jerusalem on Wednesday. /Newsis
The ministry expects the deal will boost bilateral trade and strengthen technological exchanges in machinery and bio-health. Bilateral trade was worth US$2.7 billion in 2018.
Korea is the first Asian country to strike a free trade deal with Israel.
The deal will take effect after being ratified by the National Assembly.
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